Ernst & Young supports the recommendations in the report released yesterday by the Financial Stability Board’s (FSB) private sector Enhanced Disclosure Task Force (EDTF) initiative. The EDTF was convened in May 2012 with the objectives of developing principles for enhanced disclosures for banks, based on current market conditions and risks, and identifying leading practice risk disclosures among banks.

The EDTF was unique in its approach by bringing together interested constituents in the process - preparers, investors, rating agencies and auditors - to work toward solutions to enhance disclosures that benefit the investing public.

Ernst & Young encourages all affected stakeholders to carefully consider and work to implement the recommendations of the EDTF. We believe these recommendations are an important step to improving confidence in global systemic financial institutions and financial institutions more broadly, which is fundamental to economic recovery and growth around the world.

"The FSB EDTF has been an important undertaking. I am pleased Ernst & Young participated in this effort and supports the recommendations of this report. Our profession’s role in contributing to the public’s trust in the world’s capital markets has never been more important and efforts such as this are central to the role Ernst & Young has as auditors of or advisors to, many financial institutions”, said Jim Turley, Global Chairman and CEO of Ernst & Young.

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Notes to editors

The EDTF report is available: https://www.financialstabilityboard.org

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